Several lines were omitted inadvertently from an article in Sunday's Business & Finance section on business response to the new tax bill. The first four paragraphs of the article should have read:

In April, Inland Steel Co. announced it would spend $100 million on a dramatically improved process at its East Chicago plant for making light, high-strength steel for the auto industry and other customers, cutting production time from four days per batch to 10 minutes.

The decision, bringing Inland abreast of its most modern competitors in Japan, was based on the expectation that a major cut in business taxes would be passed this year. Confident of the outcome, Inland decided not to wait, said Theodore A. Myers, Inland's vice president for finance.

The passage of the 1981 tax bill, with $165 million in business tax cuts over the next six years, fulfills most of the fondest hopes of the business community. Myers, echoing the enthusiasm of many business executives last week, said the tax bill "will be a springboard for the revitalization of the American economy."

A story in Monday's edition of Washington Business incorrectly referred to a forthcoming article by C. Fred Bergsten in the fall issue of Foreign Affairs magazine. The article will appear in the fall issue of Foreign Policy magazine.