BETHLEHEM STEEL ANNOUNCES FIRST QUARTER 1997 RESULTS
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. Segment Results (dollars in millions):
|
(unaudited) |
|
|
1997 |
1996 |
| |
|
|
| |
First
Quarter |
Fourth
Quarter |
Third
Quarter |
Second
Quarter |
First
Quarter |
|
|
|
|
|
|
| Net Sales: |
|
|
|
|
|
|
|
|
|
|
| Basic Steel Operations |
|
1,174.3 |
|
1,126.4 |
|
1,142.6 |
|
1,216.4 |
|
1,095.4 |
| Steel Related Operations |
|
27.0 |
|
32.6 |
|
42.8 |
|
32.8 |
|
32.2 |
| Eliminations |
|
(8.8) |
|
(10.0) |
|
(10.8) |
|
(12.3) |
|
(9.1) |
|
|
|
|
|
|
| Total |
|
$1,192. |
|
$1,149.0 |
|
$1,174.6 |
|
$1,236.9 |
|
$1,118.5 |
|
|
|
|
|
|
| Estimated Restructuring Loss: |
|
|
|
|
|
|
| Basic Steel Operations |
|
- |
|
$240.0 |
|
$15.0 |
|
- |
|
- |
| Steel Related Operations |
|
- |
|
210.0 |
|
- |
|
- |
|
- |
|
|
|
|
|
|
| Total |
|
- |
|
$450.0 |
|
$15.0 |
|
- |
|
- |
|
|
|
|
|
|
| Operating Income (Loss): |
|
|
|
|
|
|
| Basic Steel Operations |
|
63.8 |
|
$(193.0) |
|
$31.8 |
|
$52.5 |
|
$21.4 |
| Steel Related Operations |
|
(7.5) |
|
(217.5) |
|
(7.0) |
|
(7.8) |
|
(8.8) |
|
|
|
|
|
|
| Total |
|
$56.3 |
|
$(410.5) |
|
$24.8 |
|
$44.7 |
|
$12.6 |
|
|
|
|
|
|
| Shipments |
|
|
|
|
|
|
|
|
|
|
| (thousands of net tons): |
|
|
|
|
|
|
|
|
|
|
| Basic Steel Operations |
|
2,220 |
|
2,146 |
|
2,200 |
|
2,315 |
|
2,103 |
|
|
|
|
|
|
| Raw Steel Production |
|
|
|
|
|
|
| (thousands of net tons): |
|
|
|
|
|
|
|
|
|
|
| Basic Steel Operations |
|
2,317 |
|
2,412 |
|
2,359 |
|
2,417 |
|
2,259 |
|
|
|
|
|
|
2. On April 1, 1997, we sold our 37.57 percent equity interest in the Iron Ore Company
of Canada for about $145 million. This sale will result in recognizing a pretax gain of
about $135 million in the second quarter of 1997.
3. The Consolidated Financial Statements as of and for the three month periods ended
March 31, 1997 and 1996 have not been audited. However, the information reflects all
adjustments which, in the opinion of management, are necessary to present fairly the
results shown for the periods indicated. Management believes all adjustments were of a
normal recurring nature.
4. These Consolidated Financial Statements should be read together with the 1996
audited financial statements set forth in Bethlehem's Annual Report on Form 10-K filed
with the Securities and Exchange Commission.
Quarterly Financial Statements
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