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) January 26, 1994
                                       
                                       
                                        BALL CORPORATION
            (Exact name of registrant as specified in its charter)



                                              Indiana
                (State or other jurisdiction of incorporation)
                                       
                                       
                                       
                  1-7349                                    35-0160610
   (Commission File Number)               (IRS Employer Identification No.)



             345 South High Street, Muncie, Indiana    47305-2326
             (Address of principal executive office)   (Zip Code)



Registrant's telephone number, including area code:  (317) 747-6100

                               Ball Corporation
                          Current Report on Form 8-K
                            Dated January 27, 1994
                                       
                                       
                                       
Item 5.  Other Events.

The report of earnings was announced by Ball Corporation on January 26, 1994,

pursuant to a copy of the press release attached hereto as Exhibit EX-21 and

incorporated herein by reference.



Item 7.  Financial Statements and Exhibits



(c)  Exhibits



     EX-21 - Other Documents or Statements to Security Holders.



          Text of a press release disseminated by the

          registrant on January 26, 1994.

                               Ball Corporation
                          Current Report on Form 8-K
                            Dated January 27, 1994
                                       
                                       
                                   SIGNATURE
                                       
                                       

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.



                          BALL CORPORATION
                          (Registrant)
                          
                          
                          
Date:  January 27, 1994   By: /s/George A. Sissel
                              George A. Sissel
                              Senior Vice President, Corporate Affairs;
                                Corporate Secretary and General Counsel
                            
                              

                               Ball Corporation
                          Current Report on Form 8-K
                            Dated January 27, 1994

                                 EXHIBIT INDEX
                                       
                                       
Exhibit   Description

EX-21          Text of a press release disseminated by the
          registrant on January 26, 1994.


                               Ball Corporation
                          Current Report on Form 8-K
                            Dated January 27, 1994



                                            Exhibit EX-21

Following is the text of a press release disseminated by the registrant on
January 26, 1994:
 
 
  BALL CORPORATION ANNOUNCES $95 MILLION
  RESTRUCTURING CHARGE, REDUCES DIVIDENDS AND
  REPORTS FOURTH QUARTER, FULL YEAR 1993 RESULTS
 
      MUNCIE, Ind., January 26, 1994-- Ball Corporation [NYSE:BLL] announced it

 was taking a fourth quarter 1993 provision of $95 million, $58 million after

 tax, or $1.96 per share, for various restructuring actions, plant closings and

 consolidations, primarily within the company's packaging operations, to be

 completed over the next 12-24 months.

      Ball also announced its board had approved a change in the company's

 quarterly dividend on common stock from 31 cents to 15 cents per share.  The

 dividend is payable March 15, 1994, to shareholders of record on March 1.

      Delmont A. Davis, president and chief executive officer, commented, "The

 board today concluded that a dividend reduction was essential to the

 accomplishment of Ball Corporation's goal of increased share value.  The

 reduced dividend is consistent with changes in Ball Corporation's

 capitalization as a result of the 1993 spin-off of Alltrista Corporation,

 which enabled Ball's shareholders to enjoy a one-time special dividend with an

 equivalent cash value of $4.25 per Ball share.

      "The lower dividend will enhance Ball's historically strong cash flow and

 ability to reduce debt and finance opportunities for future growth, both

 domestically and internationally," Davis said.  "We also believe the

 restructuring provision will help improve the company's overall competitive

 position in its core packaging and aerospace markets by helping to eliminate

 excess capacity, reduce costs and trim unprofitable product lines.  We expect

 to reduce our number of operating locations by approximately 10 percent, and

 our workforce by approximately 8 percent as a result of these actions.  This

 is consistent with our objective of managing the business over the long term

 to maximize total return to shareholders."

      Included in the charge are costs associated with plant rationalizations

 such as employee severance payments and relocation costs.  Also part of the

 provision are write-downs of fixed assets and equipment to estimated net

 realizable values as a result of the rationalization and obsolescence caused

 by broad changes in packaging industry specifications for metal beverage

 containers.  In addition, the charge provides for costs associated with the

 elimination of certain product lines, either through sale, joint venture or

 closure.  Costs associated with the previously announced closing of Ball's

 Asheville, N.C., glass facility are part of the provision.

      Including a $14 million pretax provision taken in its aerospace and

 communications segment during the third quarter of 1993, Ball reported

 approximately $109 million in restructuring charges for the year,

 approximately $66 million after tax, or $2.31 per share.

      Fourth quarter sales increased to approximately $558 million from

 approximately $525 million in 1992 due to the inclusion of sales of Heekin

 Can, Inc., which was acquired in March 1993.  Excluding the effect of the

 restructuring charge, Ball reported a loss of approximately $2 million for the

 quarter, compared to earnings of $10 million in 1992.  On this basis, Ball

 reported a loss of 6 cents per share in the quarter, compared with earnings of

 39 cents per share in 1992's fourth quarter.

       For the year, Ball reported net sales of $2.4 billion, 12 percent higher

 than the $2.2 billion reported in 1992.  Ball reported a net loss in 1993 of

 $68.3 million, or $2.38 per share, versus 1992 earnings of $63.7 million, or

 $2.45 per share.  This includes both the impact of restructuring provisions

 and the effect of a one-time, non-cash after-tax charge of $34.7 million, or

 $1.21 per share, taken in the first quarter of 1993 to comply with new

 accounting standards related to post-retirement health care and other post-

 employment benefits.  The year also includes a $1.1 million, or 4 cents per

 share, charge taken in the third quarter to reflect a higher tax rate due to

 the Omnibus Budget Reconciliation Act of 1993.

      Ball's domestic metal packaging operations reported lower fourth quarter

 earnings, while the Canadian metal packaging business had improved

 performance.  The U.S. beverage container business had slower volume growth in

 the period, primarily due to strong prior year performance.  The business

 operated at lower utilization rates in certain facilities as a result of the

 installation of new equipment to manufacture smaller neck diameters for

 containers to accommodate changing industry standards.  Ball's 1993 domestic

 beverage can shipments increased significantly more than industry volumes,

 which rose by slightly less than 2 percent for the year.  The food and

 specialty products group essentially completed the integration of its Heekin

 and Canadian operations in the quarter.

      Ball's glass container business, which was hampered throughout the year

 by unfavorable performance in some of its plants, start-up costs at its

 Ruston, La., facility, and higher warehousing and shipping costs, reported an

 operating loss for the quarter.  This loss was primarily due to an extended

 period of plant downtime which was taken in the period to reduce inventories.

 The aerospace and communications segment reported a loss in the quarter,

 largely attributable to poor performance in the communications products and

 imaging products units.

      "Overcapacity in both the metal and glass packaging industries continues

 to limit manufacturers' ability to realize acceptable pricing," Davis said.

 "We remain confident that this supply/demand imbalance will be resolved over

 time.  In the meantime, we intend to reduce costs, invest in productivity-

 enhancing equipment and take other appropriate actions which will lead to

 higher utilization rates and improved returns in our packaging businesses.

 

      "Notwithstanding this, we are extremely disappointed with our performance

 for the year," Davis said.  "However, we believe the strategic initiatives

 pursued by Ball Corporation in 1993 will ultimately benefit our shareholders,

 and that the actions announced today should improve Ball's ability to deliver

 a stronger earnings performance over the next several years in the face of

 highly competitive markets.  We are entering 1994 with a reduced level of

 product inventories in metal beverage and glass containers and expect to

 achieve higher utilization, a more competitive cost structure and reduced

 inventory carrying costs.

      "In 1994 we anticipate continued growth in our beverage container

 business, improved performance in our Canadian metal operations, a

 significantly stronger overall performance in glass and higher profitability

 in our aerospace and communications segment businesses," Davis said.  "A

 workforce reduction of approximately 5 percent taken in 1993, coupled with a

 company-wide commitment to increase profitability and contain costs, should

 also contribute to improved earnings performance in 1994."

      Ball Corporation manufactures metal and glass containers for the beverage

 and food industries and provides aerospace systems and professional services

 to government and commercial customers.

                                     -end-

2/94 BDW Contact Harold Sohn 317/747-6483
<TABLE>
FINANCIAL HIGHLIGHTS
(MILLIONS, EXCEPT PER SHARE DATA)
<CAPTION>
                             Twelve Months Ended    Three Months Ended
                             12/31/93   12/31/92    12/31/93   12/31/92
<S>                          <C>        <C>         <C>        <C>
                             _________  _________   _________  _________
Net sales                    $2,440.9   $2,177.8     $ 557.7    $ 524.8
                             _________  _________   _________  _________
Costs and other deductions
  Cost of sales               2,158.6    1,881.2       507.9      451.8
  Selling, distribution and
   administrative expenses      179.1      157.1        41.4       44.4
  Rationalization and
   other charges                108.7       --          94.7        --
  Interest expense               45.9       37.2        10.1       10.0
                             _________  _________   _________  _________                              
                              2,492.3    2,075.5       654.1      506.2
                             _________  _________   _________  _________                             
(Loss) income from
  continuing operations
  before taxes                  (51.4)     102.3       (96.4)      18.6
Provision for taxes
  on income                      21.2      (38.2)       38.4       (6.9)
Equity in earnings
  of affiliates                   1.3         .6          --        0.3
Minority interest                (3.6)      (3.8)       (0.7)      (1.2)
                             _________  _________   _________  _________                             
Net (loss) income from:
  Continuing operations         (32.5)      60.9       (58.7)      10.8
  Alltrista operations            2.1        6.2          --        0.2
                             _________  _________   _________  _________                             
Net (loss) income before
  cumulative effect of
  change in accounting          (30.4)      67.1       (58.7)      11.0
Cumulative effect of
  accounting change (net)       (34.7)        --          --         --
                             _________  _________   _________  _________
Net (loss) income               (65.1)      67.1       (58.7)      11.0
Preferred dividends,
  net of tax benefit             (3.2)      (3.4)       (0.8)      (0.8)
                             _________  _________   _________  _________                             
Net (loss) earnings
  attributable to common
  shareholders               $  (68.3)  $   63.7     $ (59.5)      10.2
                             =========  =========    ========   ========
(Loss)earnings per share
  of common stock:
Continuing operations        $  (1.24)  $   2.21     $ (2.02)   $  0.38
Alltrista operations             0.07       0.24          --        .01
Cumulative effect of
  changes in accounting,
  net of tax benefit            (1.21)        --          --         --
                             _________  _________   _________  _________
                             $  (2.38)  $   2.45     $ (2.02)   $  0.39
                             =========  =========    ========   ========
Fully diluted (loss)
  earnings per share: *
Continuing operations           (1.24)      2.12       (2.02)      0.37
Alltrista operations             0.07       0.22          --        .01
Cumulative effect of
  changes in accounting,
  net of tax benefit            (1.21)        --          --         --
                             _________  _________   _________  _________                      
                             $  (2.38)  $   2.34     $ (2.02)   $  0.38
                             =========  =========    ========   ========
Weighted average shares
  outstanding (thousands)      28,712     26,039      29,392     26,279
Fully diluted weighted
  average shares
  outstanding                  28,712     28,223      29,392     28,453

*Fully diluted earnings per share for 1993 is the same as earnings per common
 as the assumed exercise of stock options and conversion of the preferred
 stock is anti-dilutive.
</TABLE>