Investor Relations

	June 30 1996 (unaudited)	December 31 1995	June 30 1995 (unaudited)
Current Assets:
Cash and cash equivalents	$ 155.6	$ 180.0	$ 128.6
Receivables, less allowances	338.3	374.6	481.3
Inventories:
Raw Materials	298.1	335.5	299.0
Finished and semifinished	610.5	604.9	614.6
Contract work-in-progress, less billings	21.6	17.8	23.0
	930.2	958.2	936.6
Other current assets	8.9	13.0	8.6
Total Current Assets	1,433.0	1,525.8	1,555.1
Investments and Miscellaneous Assets	113.4	112.3	117.4
Property, Plant and Equipment,
less accumulated depreciation of $4,456.5, $4,329.5 and $4,252.9	2,687.2	2,714.2	2,720.0
Deferred Income Tax Asset - net	877.2	885.0	881.2
Intangible Asset - Pensions	463.0	463.0	396.2
Total Assets	$ 5,573.8	$ 5,700.3	$ 5,669.9

Current Liabilities:
Accounts payable	$ 392.1	$ 381.4	$ 389.9
Accrued employment costs	308.2	358.0	313.5
Accrued taxes	65.1	72.4	58.5
Debt and capital lease obligations	71.9	91.5	94.4
Other current liabilities	110.8	146.3	122.4
Total Current Liabilities	948.1	1,049.6	978.7

Pension Liability	1,115.0	1,115.0	1,038.1
Postretirement Benefits Other Than Pensions	1,423.4	1,415.0	1,422.3
Long-term Debt and Capital Lease Obligations	520.4	546.8	615.7
Other Long-term Liabilities	316.6	335.6	361.3

Stockholders' Equity:
Preferred Stock	11.6	11.6	11.6
Preference Stock	2.7	2.6	2.7
Common Stock	113.3	112.7	112.3
Common Stock held in treasury at cost	(59.4)	(59.4)	(59.4)
Additional paid-in capital	1,835.2	1,850.6	1,933.2
Accumulated deficit	(653.1)	(679.8)	(746.6)
Total Stockholders' Equity	1,250.3	1,238.3	1,253.8
Total Liabilites and Stockholders' Equity	$ 5,573.8	$ 5,700.3	$ 5,669.9

The accompanying Notes are an integral part of the Consolidated Financial Statements.

Bethlehem Steel Corporation