BETHLEHEM STEEL ANNOUNCES SECOND QUARTER 1997 RESULTS
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
- 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 resulted in recognizing a pretax gain of $135
million in the second quarter of 1997.
- Segment Results (dollars in millions):
(unaudited) |
|
1997 |
1996 |
|
|
|
|
|
Second
Quarter |
First
Quarter |
|
Fourth
Quarter |
Third
Quarter |
Second
Quarter |
|
|
|
|
|
|
|
| Net Sales: |
|
Basic Steel Operations |
$1,188.7 |
$1,174.3 |
|
$1,126.4 |
$1,142.6 |
$1,216.4 |
Steel Related Operations |
|
26.8 |
|
27.0 |
|
32.6 |
42.8 |
32.8 |
Eliminations |
|
(8.6) |
|
(8.8) |
|
(10.0) |
(10.8) |
(12.3) |
|
|
|
|
|
|
|
| Total |
$1,206.9 |
$1,192.5 |
|
$1,149.0 |
$1,174.6 |
$1,236.9 |
|
|
|
|
|
|
|
| Estimated Gain (Loss) on
Exiting Businesses: |
|
|
|
Basic Steel Operations |
|
$135.0 |
|
- |
|
$(240.0) |
$(15.0) |
- |
Steel Related Operations |
|
- |
|
- |
|
(210.0) |
- |
- |
|
|
|
|
|
|
|
| Total |
|
$135.0 |
|
- |
|
$(450.0) |
$(15.0) |
- |
|
|
|
|
|
|
|
| Operating Income (Loss): |
|
|
|
|
|
|
Basic Steel Operations |
|
$212.1 |
|
$63.8 |
|
$(193.0) |
$31.8 |
$52.5 |
Steel Related Operations |
|
(10.1) |
|
(7.5) |
|
(217.5) |
(7.0) |
(7.8) |
|
|
|
|
|
|
|
| Total |
|
$202.0 |
|
$56.3 |
|
$(410.5) |
$24.8 |
$44.7 |
|
|
|
|
|
|
|
| Shipments |
|
|
|
|
|
|
|
|
| (thousands of net tons): |
|
|
|
|
|
|
|
|
Basic Steel Operations |
|
2,238 |
|
2,220 |
|
2,146 |
2,200 |
2,315 |
|
|
|
|
|
|
|
| Raw Steel Production |
|
|
|
|
|
|
| (thousands of net tons): |
|
|
|
|
|
|
|
|
Basic Steel Operations |
|
2,462 |
|
2,317 |
|
2,412 |
2,359 |
2,417 |
|
|
|
|
|
|
|
- On June 5, 1997, Bethlehem, through its wholly owned, special purpose subsidiary,
amended its existing non-reducing credit facility with 13 domestic and international
banks. The amendment extends the term of the arrangement by about two years, through
September 12, 2002, and increases the facility's inventory credit agreement from $200
million to $225 million. The facility's receivables purchase agreement remains at $300
million, for a total of $525 million.
- The Consolidated Financial Statements as of and for the three month and six month
periods ended June 30, 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.
- 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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�1998, Bethlehem Steel Corporation
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