Polymerization catalyst, production and use

A process is described for the polymerization of ethylene and alpha-olefins having from 1 to 2 carbon atoms of mixtures of ethylene, alpha-olefins or diolefins. The process comprises polymerizing one or more olefins in the presence of the catalyst system comprising (A) an organo aluminum cocatalyst, and (B) a vanadium-containing catalyst component obtained by sequentially treating an inert solid support material in an inert solvent with (i) a dihydrocarbyl magnesium compound, (ii) optionally an oxygen-containing compound which is an alcohol, ketone or aldehyde, (iii) a vanadium compound, and (iv) a Group IIIa metal halide. The process as above is described wherein the inert solid support material is an inorganic oxide or mixtures of inorganic oxides