The invention is related to a container for holding liquids such as a 200 liter removable head steel drum. The drum is provided with an inner bag which lines the inside periphery of the drum and thereby prevents the sealing or coating liquid contained or being dumped into the drum from contacting the inside periphery of the drum. The inner bag is disposable. Thus the drum can be recycled or regenerated for reuse at a reasonable cost. Further, the inner bag prevents the liquid from being contaminated by the foreign matter located on the drum inner surface. The inner bag is removably fitted to the inside of the drum by a fixing means. The fixing means is removably fitted to at least one annular recess normally present on the inside periphery of the drum with or without the presence of the inner bag disposed between the recess and the fixing means. The fixing means fixes the inner bag and prevents it from slipping out while the liquid filled drum is being shipped or carried about or while the liquid inside the drum is being stirred or dumped from the drum. For the regeneration of the drum, the used inner bag is simply removed and replaced with a new one.